Technical analysis of GBP/CHF for March 07, 2016

Technical outlook and chart setups:

At the moment, the GBP/CHF pair is trading higher around 1.4170 levels again. The pair has inched higher from 1.3725 levels and might be looking to break above 1.4300 resistance as well. For now, the pair seems to be approaching another Fibonacci (0.786) resistance at 1.4200 levels, as seen here. A bearish reversal here would keep the structure intact, and bears would take control back. On the flip side, a break above 1.4200 levels would open doors for a test of 1.4300 before producing a meaningful retracement. It is hence recommended to remain short from earlier position, with risk above 1.4300 levels. Immediate resistance is seen at 1.4300 levels, while support is at 1.4100 levels on the hourly chart.

Trading recommendations:

Remain short from earlier trades, stop at 1.4300, target is open.

Good luck!

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Technical analysis of Gold for March 07, 2016

Technical outlook and chart setups:

Gold is trading at $1,268.00/69.00 levels for now after hitting $1,279.00 levels last week. The yellow metal is setting up for a meaningful retracement that extends to $1,190.00 levels at least. As depicted here, the yellow metal is expected to remain under control of bears until prices stay below $1,279.00 levels broadly. It is hence recommended to remain short now with risk above $1,279.00 levels. Immediate resistance is seen at $1,279.00 levels (interim), while support is seen at $1,225.00 levels. Please note that the metal may also retrace lower towards $1,135.00 levels before pushing higher again.

Trading recommendations:

Remain short now, stop at $1,281.50, target is $1,190.00.

Good luck!

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Gold analysis for March 07, 2016

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Overview :

Since our last analysis, gold has been trading upwards. As I expected, the price tested the level of $1,279.67. Anyway, in the daily time frame, I found a a supply bar (up thrust), which is a sign of weakness. Intraday buying at this stage looks risky. According to the the 4H time frame, I found a massive volume spike with very wide spread of the bar (buying climax, which is a strong sign of weakness). Intraday downward stations are set at the price of $1,258.00 and $1,250.00.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,267.00

R2: 1,274.00

R3: 1,285.00

Support levels:

S1: 1,244.20

S2: 1,237.10

S3: 1,225.50

Trading recommendations for today: Be careful when buying gold at this stage and watch for potential intraday selling opportunities.

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EUR/NZD : analysis for March 07, 2016

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Overview:

Recently, EUR/NZD has been moving sideways around the price of 1.6200. In the daily time frame, we can observe a supply bar in an average volume, which is a sign of weakness. In the daily time frame, I placed Fibonacci expansion levels to find a potential downward station. I got Fibonacci expansion 161.8% at the price of 1.5990 (downward target). There are a few technical reasons for this strong downward pressure: 1. Massive up thrust in an ultra-high volume bar in the background (supply overcame demand); 2. Another up thrust bar from the same zone; 3. Confirmed double-top formation. According to M30 time frame, I found a selling climax in the background, which attracted some buyers on the market. Anyway, I am still expecting downward price. Watch for potential selling opportunities on rallies. I found a solid selling zone around the price of 1.6270.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.6260

R2: 1.6300

R3: 1.6370

Support levels:

S1: 1.6115

S2: 1.6070

S3: 1.6000

Trading recommendation for today: Watch for potential selling opportunities on rallies.

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USD/CAD intraday technical levels and trading recommendations for March 7, 2016

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A bullish breakout above the previous consolidation zone between 1.2400 and 1.2800 was performed on July 15 (shown on the weekly chart).

A significant bearish rejection was observed around 1.3450. Hence, another consolidation range was established from 1.3450 down to 1.2800.

On December 7, a bullish breakout above 1.3450 (the upper limit of the recent consolidation range) enhanced the bullish side of the market. Hence, a bullish visit to the resistance level of 1.4120 (Fibonacci Expansion 100%) was executed.

Bullish persistence above 1.4150 enhanced the bullish side of the market towards 1.4650 (141.4% Fibonacci expansion) where an evident bearish rejection was expected (bearish engulfing weekly candlestick).

Evident bullish recovery was seen around the level of 1.3750. That is why, the recent bullish pullback took place towards 1.4000 few weeks ago.

The level of 1.4120 (Fibonacci Expansion 100%) remains a significant key level to be watched for further price reactions.

On the other hand, the current price zone of 1.3350-1.3370 stands as a significant support zone to be watched for a valid buy entry.

Price zone of 1.3350-1.3370 corresponds to a daily uptrend line and a previous prominent breakout level. Hence, signs of bullish rejection should be expected around it.

Trading recommendations:

Conservative traders should look for a bullish entry around the current price zone of 1.3350-1.3370.

S/L should be located below 1.3300. Initial T/P levels should be located at 1.3630 and 1.3750.

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Intraday technical levels and trading recommendations for GBP/USD for March 7, 2016

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In November 2015, a bearish engulfing weekly candlestick closed below the level of 1.5200 (neckline of the Head and Shoulders pattern). This enhanced the bearish side of the market in the long term.

Extensive bearish pressure was applied to the demand levels of 1.4620 and 1.4360. Both of them were broken to the downside.

On January 21, after the GBP/USD pair moved below 1.4220, evident signs of a bullish recovery were expressed around 1.4075. Hence, previous weekly candlesticks closed above 1.4220 and 1.4360 again.

Bullish persistence above 1.4360 was mandatory to maintain enough bullish strength in the market. The first bullish target was seen at 1.4615 where the current strong bearish momentum was initiated.

As previous weekly candlesticks maintained their bearish persistence below the depicted demand zone (below 1.4200), the next weekly demand level was located at 1.3845 (historical bottom that goes back to March 2009).

As expected, evident bullish recovery and a bullish engulfing weekly candlestick were expressed around 1.3850 (prominent weekly demand level). Hence, a valid buy entry was suggested near the same price level.

On the other hand, the price zone of (1.4222-1.4360) now constitutes a significant supply zone to be watched for possible bearish rejection. Otherwise, further bullish advancement towards 1.4620 should be expected.

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The GBP/USD pair was trapped between 1.4620 and 1.4220 until a recent lower high was established at the level of 1.4530. This applied extensive bearish pressure to the price level of 1.4220.

Hence, an extensive bearish breakout below 1.4220 was expressed on the daily chart (GBP/USD looked oversold last week).

That is why, signs of bullish recovery and a possible long entry were expected around 1.3850. A recent bullish swing is currently being expressed towards 1.4220.

The broken demand zone (1.4222-1.4360) now constitutes a significant supply zone to offer bearish rejection.

Early signs of a bearish rejection are already being expressed around 50% Fibonacci level (depicted on the daily chart).

Note that the price level of 1.4030 is now standing as a prominent key level to offer bullish support if any bearish pullback occurs soon.

Trading Recommendation:

Price action should be watched around the price zone of 1.4222-1.4360 for a valid SELL entry. S/L should be placed above 1.4370. Initial T/P levels should be located at 1.4100 and 1.4050.

On the other hand, risky traders can wait for signs of bullish recovery around 1.4030 if any bearish pullback occurs soon.

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Global macro overview for 07/03/2016

Global macro overview for 07/03/2016:

Bank of Japan Governor Haruhiko Kuroda has recently said that the central bank will study the effects of negative interest rates on the world's third biggest economy, indicating that no immediate expansion of stimulus was planned. His outlook for the economic growth is still positive and the recently introduced negative interest rate has a positive impact on the economy as well. Nevertheless, he reiterated that BoJ is still ready to ease monetary policy again to reach the 2% inflation target. BoJ can do this by buying more assets or by cutting the rates even further. In conclusion, the BoJ is currently closely watching the results of the negative rate cut on its own economy and expects very powerful stimulus effect mainly by encouraging firms to boost investment in Japan.

The technical picture of USD/JPY did not changed much on a daily chart as the pair is still trading inside the congestion zone between the levels of 115.00 - 111.00. The main resistance for bulls is at the level of 116.16. As long as this level is not violated, bears are in control of this market.

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Intraday technical levels and trading recommendations for EUR/USD for March 7, 2016

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In January 2015, the EUR/USD pair moved below the major demand levels near 1.2100 and 1.2000 where historical bottoms had previously been set in July 2012 and June 2010. Hence, a long-term bearish target is projected towards 0.9450.

In March 2015, EUR/USD bears challenged the monthly demand level of 1.0570, which had previously been reached in August 1997.

Later in April 2015, a strong bullish recovery was observed around the mentioned demand level.

April's monthly candlestick came as bullish engulfing one. However, next monthly candlesticks (September, October, and November) reflected a strong bearish rejection in the area around 1.1400.

December's candlestick came as bullish engulfing one allowing the current bullish pullback to take place towards 1.1370.

The zone of 1.1350-1.1400 stood as a significant supply zone to be watched during the recent bullish pullback. As we expected, an evident bearish rejection was recently manifested in February's monthly candlestick (inverted hammer candlestick).

The level of 0.9450 will remain a long-term bearish target in case the current monthly candlestick closes below the depicted demand level of 1.0570.

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In October 2015, the daily supply zone of 1.1360-1.1400 produced significant bearish pressure shortly after the EUR/USD pair spiked above the level of 1.1500 (daily supply level).

A bearish breakout of the depicted uptrend was performed later on October 23. This enhanced a long-term bearish scenario with targets at 1.0800 and 1.0600.

In November 2015, daily persistence below the level of 1.0800 (prominent key level) ensured enough bearish momentum towards 1.0550 (monthly demand level) where the most recent bullish swing was initiated.

During the last few weeks, a consolidation range extending between 1.1000 and 1.0800 was established on the daily chart. On February 3, a bullish breakout was executed above this consolidation range.

That is why, a quick bullish movement took place towards the zone of 1.1350-1.1400 where previous daily bottoms and the backside of the broken uptrend are depicted on the daily chart.

On February 12, a strong bearish engulfing daily candlestick was expressed near the mentioned supply level. Hence, a quick bearish decline towards 1.1000 was expected.

A bearish breakdown below 1.1000 (upper limit of the broken range) was manifested on the daily chart. A quick bearish decline was expected towards 1.0820 where the current bullish recovery was initiated.

Currently, daily fixation above 1.1000 is mandatory to allow further bullish movement towards the price level of 1.1130 initially.

Trading Recommendation:

For conservative traders, a valid buy entry was offered around the lower limit of the broken consolidation range around 1.0800-1.0820. S/L should be located below below 1.0820 to offset the associated risk. Initial T/P levels are located at 1.1000 and 1.1130.

Once daily fixation above 1.1000 is achieved, more bullish targets around 1.1130 and 1.1250 should be expected. Otherwise, sideways consolidation will continue between 1.1000 - 1.0820.

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Global macro overview for 07/03/2016

Global macro overview for 07/03/2016:

The Non-Farm Payrolls data from last Friday crushed expectations with the 242,000 figure, compared with economists' expectations for 195,000 new jobs. Moreover, the previous NFP data was revised higher to 171,000 from 150,000 previously. The unemployment rate stayed at the level of 4.9% in line expectations, being the lowest level in eight years. Moreover, jobs creation has to slow below 100,000 a month for the jobless rate to start rising again. In conclusion, very good news from the US shows the strength of the US job market after the December 2015 rate hike. The Fed is looking for wage-driven inflation as a catalyst to continue policy tightening, but the next rate hike might not be delivered in March 2016, but much later.

Let us now take a look at the technical picture of the EUR/USD pair after the NFP data was released. The market hit the 38%Fibo at the level of 1.1034 and then reversed lower. Currently, it is trading below the 23%Fibo level and might even accelerate more if the technical support at the level of 1.0825 is violated.

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Technical analysis of GBP/USD for March 07, 2016

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Overview:

  • The GBP/USD pair continues moving downwards from the level of 1.4200 this morning. Today, the first resistance level is currently seen at 1.4248, the price is moving in a bearish channel now. According to the previous events, we expect the GBP/USD pair to trade between 1.4200 and 1.3959. So, the support stands at 1.3959, while daily resistance is found at 1.4200. Therefore, the market is likely to show signs of a bearish trend around the spot of 1.4200. In other words, sell orders are recommended below the spot of 14200/1.4150 with the first target at the level of 1.4042 and continue towards 1.959 in order to test the weekly support 1 on the H1 chart. On the other hand, if the GBP/USD pair fails to break through the weekly pivot point level of 1.4103 today, the market will move upwards continuing the development of the bullish trend to the level 1.4241 (double top).

Weekly technical levels:

  • R3: 1,4785
  • R2: 1,4516
  • R1: 1,4372
  • PP: 1,4103
  • S1: 1,3959
  • S2: 1,3690
  • S3: 1,3546

Weekly technical analysis of GBP/USD:

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Technical analysis of EUR/USD for March 07, 2016

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Ovreview:

  • The EUR/USD pair faces resistance at 1.0958, while strong resistance is seen at 1.1090. Support is found at 1.0872 and 1.0740 levels . Today, the EUR/USD pair continues to move downwards from 1.0996 level. The pair fell from 1.0996 level to the bottom around 1.0943. In consequence, the EUR/USD pair broke support at 1.0958 which turned into resistance.The 1.0958 level is expected to act as minor resistance. Hence, we expect the EUR/USD pair to continue moving in the bearish trend from 1.0958 level towards the target at 1.0872.
  • In the long term, if the pair succeeds in passing through 1.0872 level , the market will indicate the bearish opportunity below 1.0872 level in order to reach the second target at 1.0740 in the H1 time frame. However, the 1.0740 mark remains a significant support zone. Thus, the trend will probably rebound again from 1.0740 level as long as this level is not breached.

Weekly technical levels:

  • R3: 1.1308
  • R2: 1.1176
  • R1: 1.1090
  • PP: 1.0958
  • S1: 1.0872
  • S2: 1.0740
  • S3: 1.0654
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Technical analysis of EUR/JPY for March 7, 2016

General overview for 07/03/2016:

The impulsive count has been invalidated due to wave one and wave four overlaps, but there is still a chance of a possible leading diagonal structure to develop. This scenario is valid as long as the level of 123.09 is not violated. In case of violation, the odds of a down trend resume are high and a new low might be made.

Support/Resistance:

127.99 - WR2

126.90 - WR1

125.55 - Intraday Resistance

124.48 - Weekly Pivot

123.41 - WS1

123.09 - Intraday Support

122.06 - Swing Low

Trading recommendations:

The buy stop orders triggered after the level of 125.00 breakout were profitable for some time, but currently they should be closed and day traders should refrain from trading and wait for a better trading setup to occur in the near term.

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Technical analysis of USD/CAD for March 7, 2016

General overview for 07/03/2016:

The wave (c) is still in progress as a new local low has been made recently. Nevertheless, a bullish divergence, which is being formed between the momentum oscillator and price, indicates a possible trend reversal. To confirm this scenario, the price must break out above the level of 1.3498 and head up towards the upper boundary of the neutral zone at the level of 1.3661.

Support/Resistance:

1.3733 - WR3

1.3661 - WR2

1.3498 - Technical Resistance

1.3461 - WR1

1.3396 - Weekly Pivot

1.3370 - Intraday Resistance

1.3315 - Intraday Support

1.3188 - WS1

Trading recommendations:

Day traders should refrain from trading and wait for a better trading setup to occur in the near term. We will open buy orders again when the corrective structure is completed.

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Technical analysis of USD/JPY for March 07, 2016

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USD/JPY is expected to trade in a higher range as bias remains bullish. US indexes closed higher on Friday led by shares in the technology hardware and equipment (+1.23%), materials (+1.18%), and utilities (+1.17%) sectors. The Dow Jones Industrial Average added 0.4% to 17,006.8, the S&P 500 rose 0.3% to 1,999.9, and the Nasdaq Composite gained 0.2% to 4,717.0.

On the economic data front, the US trade deficit in January grew 2.2% to $45.7 billion, exceeding forecasts of $44 billion, from a revised $44.7 billion (larger than previously estimated). In other news, non-farm payrolls grew in February, reaching 242,000 (estimated 195,000), up from a rise of 172,000 in January. The number of non-farm payrolls in the manufacturing industry in February fell by 16,000 (estimated -1,000) from a rise of 23,000 in January. Finally, unemployment rate in February remained unchanged at 4.9%, in line with an estimated figure.

Nymex crude oil rose 3.9% to $35.92 a barrel, while gold dropped 0.45% to $1,258.93 a troy ounce. The yield on the 10-year Treasury note rose to 1.883% from 1.830% previously, and the US dollar went down against major currencies after the jobs report. The pair has been moving sideways above its support base at 113.20, and remains on the upside of its 20-period and 50-period moving averages. Meanwhile, the relative strength of the index is around 50, but lacks downward momentum. Even though a continuation of the consolidation cannot be ruled out, its extent should be limited. Further upside is therefore expected with the next horizontal resistance and overlap set at 114.25 at first. A break above this level would call for further advance towards 114.55 in extension.

Trading Recommendation:

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. Therefore, long positions are recommended with the first target at 114.25 and the second one at 114.55. In the alternative scenario, short positions are recommended with the first target at 112.85 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 112.50. The pivot point is at 113.20.

Resistance levels: 114.25, 114.55, 114.85

Support levels: 112.85, 112.50, 112.15

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Technical analysis of USD/CHF for March 07, 2016

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USD/CHF is expected to advance further. The pair continued posting technical rebounds and is now challenging its nearest resistance at 1.0030. The relative strength index lacks downward momentum, and the 50-period moving is still bullish, which suggests that the price may still have upside potential to go. In this case, as long as 0.9930 holds on the downside, look for 1.0030 and 1.0065 in extension.

Trading Recommendations:

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. Therefore, long positions are recommended with the first target at 1.0030 and the second one at 1.0060. In the alternative scenario, short positions are recommended with the first target at 0.9905 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 0.9875. The pivot point is at 0.9930.

Resistance levels: 1.0030, 1.0065, 1.01

Support levels: 0.9905, 0.9875, 0.9850

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Technical analysis of NZD/USD for March 07, 2016

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The upside movement is expected to prevail in NZD/USD. The pair remains well on the upside, backed by its rising 20-period and 50-period moving averages. The relative strength index is mixed to bullish above its neutrality area at 50. Last but not least, the formation of higher highs and lows remains intact. In these perspectives, the intraday outlook is still positive with 0.6835 and 0.6860 as targets. Our trailing stop loss is set at 0.6735.

Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. Therefore, long positions are recommended with the first target at 0.6835 and the second one at 0.6860. In the alternative scenario, short positions are recommended with the first target at 0.6695 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 0.6640. The pivot point is at 0.6720.

Resistance levels: 0.6835, 0.6860, 0.69

Support levels: 0.6695, 0.6640, 0.6590

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Technical analysis of GBP/JPY for March 07, 2016

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GBP/JPY is expected to trade in a higher range. The pair remains bullish above 160.50, representing a key horizontal level. The rising 50-period moving average plays a support role well. Moreover, the relative strength index stands firmly above its neutrality area at 50, which should confirm a positive outlook. Hence, as long as 160.50 is not broken, a new rise seems to be on the cards to 162.45 and 163.20 in extension.

Trading Recommendations:

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. Therefore, long positions are recommended with the first target at 162.45 and the second one at 163.20. In the alternative scenario, short positions are recommended with the first target at 159.35 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 158.60. The pivot point is at 160.50.

Resistance levels: 162.45, 163.20, 164

Support levels: 159.35, 158.60, 157.50

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USDX technical analysis for March 7, 2016

The Dollar index has reversed as expected and is now testing the 38% Fibonacci retracement support of the rise from 95.20 to 98.60. More downside is expected.

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Blue lines - bullish channel

The Dollar index has broken the bullish channel downwards and is testing the 1st important short-term support at the 38% Fibonacci retracement at 97.30. Next support is at 96.50. If this level is lost, we should then expect a test of the lows at 95.20.

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Blue lines - triangle pattern

The Dollar index has made a lower high and has reversed. Price came very close to the Kumo (cloud) resistance but could not break above it. The reversal should bring price towards 95.65 where the lower triangle boundary is found. Daily resistance is at 97.80. Next resistance at 98.60.

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On a monthly basis, as long as price closes above 95.20, we remain inside the triangle. If we break the triangle downwards target is at 90. If it breaks upwards, target will be at 104-105.The material has been provided by InstaForex Company - www.instaforex.com

Gold technical analysis for March 7, 2016

Volatility was high in the Gold market on Friday as price made a strong reversal from $1,275 to $1,250 and back up again to new highs towards $1,280. The trend remains bullish and will be in danger only if the metal breaks below Fridays low.

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Blue lines - bullish channel

Gold price is inside an upward sloping blue channel and also above the Kumo (cloud). The Friday lows marks the lower boundary of the bullish channel and is now important support. Resistance is at $1,265-68. Gold is expected to move higher towards $1,300-$1,350.

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Yellow line- long-term resistance

Blue lines - downward sloping wedge

Price has broken above the downward sloping wedge and above the weekly Kumo (cloud). Price is approaching the important resistance of 38% Fibonacci retracement at $1,330. Oscillators have turned overbought on a weekly basis and this justifies a pullback even towards $1,100. Bulls need to be very cautious.

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Daily analysis of major pairs for March 7, 2016

EUR/USD: Last week, this pair moved down on Monday. It moved sideways from Tuesday to Thursday and afterward rose steeply by 160 pips. This kind of movement is a threat to the recent bearish bias, which would no longer be logical once the price moves further north by 200 pips this week (something which is very much likely).

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USD/CHF: This currency trading instrument traded largely sideways last week, not going above the resistance level at 1.0000 and below the support level at 0.9900. The pair is set to make a breakout this week, which would take the price below the aforementioned support level or above the resistance level. Since it is expected that EUR/USD would continue going upwards, the USD/CHF pair is likely to go downwards.

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GBP/USD: The GBP/USD pair moved upwards by 400 pips last week, rising from the accumulation territory at 1.3850 and reaching the distribution territory at 1.4250. This upward movement was strong enough to invalidate the recent bearish outlook on the pair, and there is a clean bullish signal in the market. GBP/USD is supposed to continue moving upwards this week.

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USD/JPY: Since this currency trading instrument moved sideways last week, the bias on the market has turned neutral in the medium-term. Unlike other JPY pairs, USD/JPY has not traded upwards because the greenback is currently weak. This week, however, would determine the next direction in the market.

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EUR/JPY: There is a bullish signal leading to a Bullish Confirmation Pattern on this cross, which closed at 125.23 on Friday, March 4, 2016. Since the EMA 11 has crossed the EMA 56 to the upside and the RSI period 14 has moved above the level 50, it is assumed that the cross would continue trending upwards, just as it is expected of some other JPY pairs.

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Elliott wave analysis of EUR/NZD for March 7 - 2016

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Wave summary:

We have just seen the expected test of support at 1.6110 (the pair hit the low at 1.6085). We are now looking for a break above minor resistance at 1.6304 as the first good indication that wave [ii] is over and wave [iii] higher is developing.

A break above resistance at 1.6637 confirms that wave [iii] is developing.

Trading recommendation:

We are long EUR from 1.6125 with stop placed at 1.5790. If you are not long EUR yet, the buy here or upon a break above 1.6304 a place your stop below the most recent low.

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Elliott wave analysis of EUR/JPY for March 7 - 2016

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Wave summary:

With the break above minor resistance at 125.01 the possible running triangle was invalidated and instead the expanded flat correction took over as a preferred corrective pattern. Red wave c should ideally make it to 126.24 before the expanded flat is complete for a new impulsive decline to 119.90.

Short-term support is seen at 124.35, which ideally will protect the downside for the rally towards 126.24.

Trading recommendation:

Sell EUR near 126.24 and place stop at 127.45.

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Technical analysis of EUR/USD for March 07, 2016

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When the European market opens, some economic news will be released such as Eurogroup Meetings, Sentix Investor Confidence, and German Factory Orders m/m. The US will release the economic data too such as Consumer Credit m/m and Labor Market Conditions Index m/m. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Breakout BUY Level: 1.1048.

Strong Resistance:1.1042.

Original Resistance: 1.1031.

Inner Sell Area: 1.1020.

Target Inner Area: 1.0995.

Inner Buy Area: 1.0970.

Original Support: 1.0959.

Strong Support: 1.0948.

Breakout SELL Level: 1.0942.

Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of USD/JPY for March 07, 2016

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In Asia, Japan will release Leading Indicators. The US will release a series of economic reports such as Consumer Credit m/m and Labor Market Conditions Index m/m. So there is a probability the USD/JPY pair will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Resistance. 3: 114.18.

Resistance. 2: 113.96.

Resistance. 1: 113.74.

Support. 1: 113.45.

Support. 2: 113.23.

Support. 3: 113.901.

Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

The material has been provided by InstaForex Company - www.instaforex.com